Who qualifies for nyda assistance?

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Who qualifies for NYDA funding?

To receive the funding, these are their requirements:

  • The applicant must be a South African resident aged between 18-35 years.
  • They should also have a viable business idea that can make profits.
  • They are required to possess the skills and experience or potential skills for the business they are pitching.
  • They should be enrolled in the Business Management training course or have proof of having undergone the training course.
  • The membership should consist of 100% South African youth citizens.
  • The enterprise should operate in South Africa.
  • Previous microloan clients who received less than R50,000 will need to have paid up accounts to be eligible to receive a grant.
  • One or more members should be full-time employees. It is advisable that the applicant is among the full-time employees.
  • The agency will assign successful grantees a mentor if they do not already have one that is approved by them.
  • If the application is approved, the applicant may be required to resign from their full-time employment. Proof of resignation might be necessary as well.

How do I apply for NYDA?

Image: instagram.com, @nyda_insta
Source: Instagram

  1. They need a 10-minute business pitch presentation from you. The pitch could be in person or telephonically.
  2. Applicants must apply three months before turning 35 years.
  3. All required documents should be submitted
  4. You will also need proof of enrollment in Business Management training course
  5. An official from the agency will perform a due diligence assessment

Application forms

There are two ways to complete the NYDA application form. You can download the NYDA funding application forms 2020 pdf here, or you can fill out the form online.

Dates

Applications are processed within 30 days at a branch. Disbursement of the approved is processed at the head office within 30 working days.

How do I contact NYDA?

One way is to pay them a visit at any of their branches. These include:

  • The head office in Midrand on 54 Maxwell Drive, Woodmead North Office Park, Woodmead, 2191
  • NYDA Port Elizabeth branch, Kwantu towers
  • NYDA Pretoria branch, Middestad Mall
  • Kimberly branch at the Old Telkom building

NYDA contact details

  • Their website at www.nyda.gov.za which will answer most of your questions.
  • Their call center number is 0800 52 52 52.
  • You can also email them at info@nyda.gov.za

It would be wise to consider NYDA funding as a source of financing, especially if you are young and meet their requirements. Such funding will reduce your debt burden, and it will be easier to get additional financing from banks or investors in the future. An added benefit is the mentorship and market linkages they provide, which could open new frontiers for your business to grow and thrive